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Russia-EU trade turnover up 20% in 2018

March 11, 13:56 UTC+3

The volume of accumulated investments from the EU countries to the Russia amounted to 300 billion euros last year, the industry and trade minister said

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© Yuri Smityuk/TASS

MOSCOW, March 11. /TASS/. The trade turnover between Russia and the EU grew by 20%in 2018, Industry and Trade Minister Denis Manturov said during a meeting with representatives of European business in Moscow.

The volume of accumulated investments from the EU countries to the Russian Federation amounted to 300 billion euros last year, the minister added.

"This is a lot. This shows that the European business is interested in coming to our country, investing its funds in the development of its business," Manturov said.

He also pointed out that the ministry has signed 33 special investment contracts by now and most of these contracts were signed with European companies.

The minister recalled that during the year 2019 the mechanism of special investment contracts would be modernized. "First of all, there will be a focus on attracting technology, and not just investment, as originally planned," Manturov said.

Special investment contract is a new mechanism to support foreign and domestic car manufacturers. Its key advantage is in guaranteeing standing taxation conditions in exchange for a guarantee of investments to be made by the business.

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